New Policy in Haryana a Boon For EV Industry

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Haryana state government on Monday authorised an Electric Vehicle Policy under which EV buyers can benefit from financial benefits. The policy includes substantial incentives for small, medium, and large EV component manufacturers and OEMs. EV makers will get half of their state goods and services tax (SGST) reimbursed by the government for the next 10 years. The policy also covers EV dumping with incentives up to Rs 1 crore for setting up a dumping facility in the state. The policy is especially advantageous for EV buyers in the form of flat-out discounts.

 

Haryana is the third most popular automobile manufacturing hub and the state approved a new policy for EVs. According to the policy, there will be a 100 per cent reimbursement of stamp duty along with an exemption in electricity duty for 20 years. The state’s EV policy also gives a state GST reimbursement at 50 per cent of the applicable Net SGST for 10 years.

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Haryana’s policy is aimed at the growing EV adoption in the state, but these will be offered for a limited time which is not specified yet. The policy will be worthwhile for the early birds who seize this chance. There are several incentives and bargains on EVs based on the various categories they belong to. Residents of Haryana can now avail of a discount of up to 15 per cent. If the EV you’re buying costs between Rs 1.5 million and Rs 4 million, a 15 per cent discount will be available to you, a maximum of Rs 600,000. 

 

Completely Built-Up (CBU) or imported electric vehicles draw heavy custom duties and taxes in India. Haryana state EV policy delivers a 15 per cent discount at a maximum of Rs 1 million on electric cars that cost above Rs 4 million and under Rs 7 million. While the Central government’s and other state government EV policies comprise only all-electric vehicles, Haryana’s policy will also cover hybrids. A 15 per cent discount will be applicable at a maximum of Rs 300,000 on hybrid cars that cost under Rs 4 million. Haryana’s CM Manohar Lal Khattar has also declared that a 100 per cent rebate in motor vehicle tax would be given on the purchase of electric two-wheelers and three-wheelers.


 

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